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| Figures and Tables | |
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| Foreword | |
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| Preface | |
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| Conversion Factors | |
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| Markets, Government, and Forest Investment Analysis | |
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| Forestry's Economic Perspective | |
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| Forestry from an Economic Viewpoint | |
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| Basic Economic Questions | |
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| Mixed Capitalism and the Role of Government | |
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| Economic Objectives: Efficiency and Equity | |
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| Forests as Economic Resources | |
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| Why Forest Economics? | |
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| Economic Decision Making | |
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| Review Questions | |
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| Further Reading | |
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| Market Economies and the Role of Government | |
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| Economic Efficiency and Opportunity Costs | |
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| The Theory of Production | |
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| Allocating Inputs among Alternative Uses | |
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| Market Failures and Externalities in Forestry | |
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| Government Intervention and Policy Failure | |
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| Appendix: Marginal Conditions for Efficiency | |
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| Review Questions | |
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| Further Reading | |
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| Forest Investment Analysis | |
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| Time and the Role of Interest | |
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| Compounding, Discounting, and Present Values | |
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| Criteria for Investment Decisions | |
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| Interest Rate, Inflation, Risk, and Uncertainty | |
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| Integrating Economics and Silviculture | |
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| Valuing Pre-Merchantable Timber | |
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| Taxes and Social Considerations | |
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| Notes | |
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| Appendix: Compounding and Discounting Formulas Commonly Used in Forestry | |
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| Review Questions | |
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| Further Reading | |
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| The Forest Sector - Land, Timber, and Unpriced Forest Values | |
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| Timber Supply, Demand, and Pricing | |
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| Supply, Demand, and Price Equilibrium | |
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| The Forest Products Sector | |
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| Forest Products Supply and Demand | |
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| The Demand for Timber | |
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| Timber Supply | |
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| Long-Run Wood Supply Projections | |
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| Determinants of Stumpage Prices | |
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| Price Distortions | |
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| Note | |
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| Review Questions | |
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| Further Reading | |
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| Unpriced Forest Values | |
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| Unpriced Values: A Problem of Measurement | |
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| Consumer Surplus as a Measure of Value | |
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| Evaluating Unpriced Recreation | |
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| Other Considerations in Valuing Recreational Resources | |
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| Externalities and Intrinsic Value | |
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| Other Practical Complications | |
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| Review Questions | |
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| Further Reading | |
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| Land Allocation and Multiple Use | |
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| Intensity of Land Use | |
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| Extensive Margin of Land Use | |
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| Allocation among Uses | |
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| Combinations of Uses | |
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| Practical Difficulties | |
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| An Illustration: Land-Use Change Associated with the Rise of Institutional Timberland Ownership in the United States | |
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| Review Questions | |
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| Further Reading | |
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| The Economics of Forest Management | |
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| The Optimal Forest Rotation | |
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| Optimal Rotation Age in Discrete Format | |
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| Optimal Rotation Age in Continuous Format | |
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| Cutting Cycles for an Uneven-Aged Stand | |
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| Comparisons with Other Rotation Criteria | |
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| Other Impacts on the Optimal Rotation | |
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| The Hartman Rotation Age | |
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| Notes | |
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| Review Questions | |
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| Further Reading | |
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| Regulating Harvests over Time | |
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| The Stand and the Forest | |
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| Market Solutions and Limitations | |
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| The Regulated Forest | |
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| Transition to a Normal Forest | |
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| Sustained Yield Rationale and Critique | |
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| Timber Harvests over Time in the Absence of Sustained Yield Policy: Market as a Regulator | |
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| New Approaches to Forest Regulation | |
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| Review Questions | |
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| Further Reading | |
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| Long-Term Trends in the Forest Sector and Silvicultural Investment | |
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| Long-Term Trends in the Forest Sector | |
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| A Conceptual Model for Silvicultural Investment | |
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| Factors Influencing Silvicultural Investment on Private Lands | |
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| Silvicultural Investment on Public Lands | |
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| Forest Plantation Development in the Southern United States | |
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| Note | |
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| Review Questions | |
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| Further Reading | |
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| Economics of Forest Policy | |
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| Property Rights | |
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| Property Rights, Property Value, and Economic Efficiency | |
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| Evolution of Forest Property Rights | |
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| Dimensions of Property and Their Economic Implications | |
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| Common Forms of Forest Tenure | |
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| Economic Issues of Tenure Systems | |
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| Private and Public Ownership | |
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| Review Questions | |
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| Further Reading | |
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| Forest Taxes and Other Charges | |
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| Characteristics of Forest Charges | |
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| Types of Forest Levies | |
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| Direct Taxes | |
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| Tax Incidence and Deadweight Loss | |
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| The Cost of Risk | |
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| Other Economic Considerations | |
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| Review Questions | |
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| Further Reading | |
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| Forest Economics in Global Perspective | |
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| Forest Products Trade | |
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| Trends in International Forest Products Trade | |
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| Comparative Advantage and the Principle of Specialization | |
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| Production Possibilities and Terms of Bilateral Trade | |
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| Factors Influencing International Forest Products Trade | |
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| The Political Economy of Trade Restrictions | |
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| Foreign Direct Investment in the Forest Industry | |
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| Review Questions | |
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| Further Reading | |
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| Global Forest Resources and the Environment | |
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| Global Forest Resources | |
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| Population, Economic Growth, and the Environment | |
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| Forest-Based Industrialization and Tropical Deforestation | |
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| The Role of Forests in Mitigating Global Climate Change | |
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| Emerging Issues in Forest Economics | |
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| Note | |
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| Review Questions | |
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| Further Reading | |
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| Index | |